Q.Define Industry. Explain various types of industries giving examples.

Industry is the economic activity of converting resources into useful goods, and it is classified by how far removed the activity is from the original natural resource. …

Definition

• Industry refers to economic activities connected with the conversion of resources into useful goods, generally using mechanical appliances and technical skills. "Industry" also means a group of firms making similar goods (e.g., cotton textile industry, electronic industry); even banking and insurance are loosely called industries.

Types of industries

• Primary industries — concerned with the extraction and production of natural resources and the reproduction/development of living things. Two kinds:
  • Extractive — draw products from natural sources: farming, mining, lumbering, hunting, fishing.
  • Genetic — breed plants and animals for reproduction: seed and nursery companies, cattle-breeding farms, poultry farms, fish hatcheries.
• Secondary industries — use materials already extracted and process them. Two kinds:
  • Manufacturing — create form utility, of four operational types: Analytical (separates elements — oil refinery), Synthetical (combines ingredients — cement), Processing (successive stages — sugar, paper), Assembling (assembles parts — TV, car, computer).
  • Construction — build buildings, dams, bridges, roads, tunnels, canals using engineering/architectural skills. …